JoJoPay’s blockchain-powered core technology brings new transparency, simplicity, and efficiency to every financial transaction
July 30, 2020
Integrating blockchain technology into traditional financial services means more trust for all and JoJoPay’s blockchain-powered core technology is making a movement to bring real change to the existing financial infrastructure by becoming the first fiat payment platform in the world to be on the blockchain. Launched this 2020, JoJoPay is a financial technology solution that is revitalizing the digital economy by making simple, secure, and fast payments accessible for everyone.
In an ecosystem defined by disparate platforms that lack interoperability, JoJoPay serves as the platform connecting them all together to operate in tandem seamlessly. Running on a blockchain-based system (Cloudchain), JoJoPay’s all-in-one platform allows consumers, businesses, and governments to manage funds efficiently and transact transparently.
JoJoPay is a product of JoJo’s strategic move to spur business growth through diversification in order to take advantage of market opportunities where its proprietary technologies can be maximized. Initially an on-demand delivery app competing with the likes of Grab and Lalamove, JoJo has now grown into a startup committed to using its world-class technology for streamlined user experiences in payments, e-commerce, healthcare (JoJoCare), and soon, marketplaces and on-demand services. JoJo is a portfolio company of First Shoshin Holdings led by Mr. and Mrs. Jack and Sally Ponce-Enrile.
What JoJoPay’s blockchain-based platform means for financial transactions
Primarily a distributed ledger technology (DLT), blockchain has emerged as one of the most groundbreaking applications pioneering transparent and secure business processes. Over the years, it has shown tremendous potential to transform the workings of the financial sector.
As the banking industry and its payments paradigms are getting up to speed, JoJoPay’s platform bridges traditional finance and blockchain to bring new ways to deliver value across the entire financial value chain. All JoJoPay fiat transactions are recorded on the blockchain and can be viewed on the Cloudchain network for complete transparency and immutability.
With more functionality than traditional banks, JoJoPay empowers the underbanked majority by addressing issues associated with any economy, industry, or market dominated by cash transactions, such as inefficiency, fraud, and lack of transparency and accountability. With JoJoPay, everyone can experience secure and transparent around-the-clock, instant money transfers and currency exchanges, with clearing and settlement completed within seconds.
More benefits that bring clear value
Blockchain technology offers innovative benefits over traditional approaches including faster transactions and enhanced transparency among others making it ripe for mass adoption. This is exactly what makes blockchain a boon for the financial services sector as it seeks to bridge the existing gap that prevails between regulators, financial institutions, and consumers.
"We are addressing the current complications in the global financial system by combining the features and services of a modern traditional bank, whilst implementing the benefits offered by the blockchain. JoJopay combines the flexibility and speed of the blockchain with the traditional payment and banking systems that users are most comfortable with,” says First Shoshin Holdings Chairman Mr. Jack Ponce-Enrile.
JoJoPay removes long-standing friction associated with existing systems by creating digital banking solutions that not only enhance the user experience but also create new business models. Benefits like the ability to move money domestically and across borders without the elaborate and rigid verification processes inherent in traditional systems like SWIFT, and lower cost of doing business by eliminating various transaction costs, make JoJoPay a practical and attractive alternative for consumers and businesses.
The way ahead
Today’s financial system is in need of an overhaul that improves its processes and maximizes its potential for the digital age. Blockchain reduces delays, conflicts, and confusion in many aspects of financial services. JoJoPay’s streamlined, transparent, and secure blockchain-based platform aims to be the vehicle to drive this transition not only for consumers but also for businesses and governments.
Going forward, JoJoPay’s ambition remains undimmed. Built with fundamental blockchain technology, JoJoPay brings new levels of transparency and compliance for banking in the Philippines. “We’re creating services that users expect from their financial platforms. We’re rolling the ball forward in bridging banking and fintech divides. JoJoPay aims to become the next gen banking solution offering a complete spectrum of banking and financial services. We believe we’re in for an exciting year ahead as we bring the wider benefits that can be realized through blockchain technology,” adds Mr. Jack Ponce-Enrile.
JoJoPay is indeed on the move to create a more vibrant digital finance experience in the years to come where consumers, businesses, and governments can reap the benefits of new and better banking.